Govt to launch inquiry into operations of FRC

The government is to launch an independent inquiry into the operations of the Financial Reporting Council.

Speaking in front of the Business, Energy and Industrial Strategy (Beis) and Work and Pensions select committees yesterday about the collapse of Carillion, business secretary Greg Clark said: “I think there is a strong case for reviewing the operations of the FRC, and that’s something I intend to require.”

He added: “I think we should look at the operation of the FRC to see whether there are changes that are required. That should be done independently, and I am sure the committees will want to play a role in examining that.”

A spokesperson for the FRC welcomed a review, stating it will “contribute positively” to the process.

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